Chevron Boosts Annual Share Buyback Rate to $17.5 Billion
- Annual buyback increases by 17% despite crticism from Biden
- Oil giant targets 3% annual output growth with Permian leading
This article is for subscribers only.
Chevron Corp. increased the annual rate of share buybacks in a show of confidence in its cash-generation goals, even after crude prices declined by more than 30% since June.
Chevron will repurchase stock at a rate of $17.5 billion a year beginning in the second quarter, 17% higher than the previous target, and increased the top end of its buyback range by a third to $20 billion a year, giving scope to raise even further in the future.